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Guangzhou seeks UK opportunities
Guangzhou enterprises were lured to set up operations in London on March 8, at an event promoting a new central business district (CBD) development in the UK capital.

Updated:1489374660Source:Chinadaily.com.cn

Guangzhou enterprises were lured to set up operations in London on March 8, at an event promoting a new central business district (CBD) development in the UK capital.

At the event hosted by the Guangzhou Municipal Commission of Commerce, the Guangzhou Municipal Investment Promotion Center signed an agreement allowing Guangzhou enterprises to invest and set up operations at the new London CBD.

The £1.7 billion (.07 billion) commercial real estate project has been launched in Royal Albert Docks, East London, with the aim of becoming the capital's third largest financial and commercial center.

CEO of the commercial complex Miao Zhiyong said the project has attracted a lot of attention from Chinese companies, with nearly 60 percent of the office space in phase one reserved.

The first phase is scheduled to complete in 2018, with phase two completing by 2020, both covering an area of 440,000 square meters.

Guangzhou-UK trade has boomed in the past year, with import and export value between the two in 2016 coming in at .48 billion, the second highest among European Union countries, after Germany.

Two-way investment topped all other EU members, with direct investment from UK-based enterprises totaling 0 million, while the figure from Guangzhou to the UK was 0 million, increasing by 65.7 percent and 18.8 percent year-on-year respectively.

As of the end of 2016, British companies have invested in 224 projects in Guangzhou, toting up to 0 million. Guangzhou invested 0 million on 21 British projects last year.

The government has made it a matter of urgency for Guangzhou enterprises to go out and seize more opportunities overseas, utilizing the Belt and Road Initiative and utilizing global resources, according to an official from the Guangzhou Municipal Commission of Commerce.

Exchanges will be held at intervals, as well as a platform for economic and trade cooperation, helping bilateral enterprises to learn from each other and each other's markets and policies.

The Guangzhou government is encouraging mutual investment and cooperation on a wide range of areas, including high technology, aviation, and the modern service industry.

The new East London CBD will also offer a one-stop service for Chinese enterprises entering the British market, focusing on hi-tech and construction industries, Miao added.

Editor:Joanna You
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